2020 Budget: Senate Approves Buhari’s Request To Raise Fresh N850bn Loan.
President Muhammadu Buhari has asked the Senate to approve his request to secure a fresh loan of N850 billion to fund some projects in the 2020 budget.
He made the request in a letter read by the Senate President, Ahmad Lawan, on Tuesday, the 28th of April.
The letter which was read on the floor of the upper chamber of the National Assembly in Abuja revealed how Pesident Buhari seeks to raise the loan from the domestic capital market to ensure adequate funds to finance projects in the budget.
The Lawmakers, however, gave stimulated authorization to the President’s request to raise the loan.
They also implored the Senate Committees on Finance and Appropriation to liaise with the Minister of Finance, Budget, and National Planning, Zainab Ahmed, to get more details on the loan request.
President Buhari’s request was granted following the senators’ resumption from a recess which lasted about five weeks.
The lawmakers had gone on break since March as part of measures to curb the spread of coronavirus (COVID-19) in the country.